U.S. looks for support on Iran crude embargo

Since a State Department official first told reporters on June 26 that the U.S. was preparing to ask allies to cut their oil imports from Iran, the USA market took a hit, with U.S. crude jumping more than 8 percent. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.

In Asia, the world's top oil consuming region, seaborne oil imports have been falling since May, as higher costs turned off consumers and as the escalating trade dispute between the United States and China starts to impact the economy.

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline.

The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.

Brent for September settlement advanced $1.05 to $78.35 a barrel on the London-based ICE Futures Europe exchange.

In May, the US retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets. And "there is always risk" Trump will release oil from the U.S. Strategic Petroleum Reserve to cap prices, he said. "The Iranian government has a plan".

Iran shipped out over 2 million barrels per day of oil past year, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

Iran possesses the second-largest gas reserves on the planet, after Russian Federation, and the fourth-largest oil supplies, while Saudi Arabia is the world's biggest oil exporter.

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline. Off-topic, inappropriate or insulting comments will be removed.

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